Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121106  
Subject: Re: investment club taxes Date: 1/27/1999 3:41 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I would also recommend that you get some of the NAIC information. Their methods for record-keeping have always been helpful to me, and I've been an Investment Club Treasurer for the last 20 years or so in 2 different investment clubs. Also, they usually have an article in the February [I think??] issue of Better Investing that desribes how to fill out the 1065 and Schedule K's line-by-line. I have always found that to be very helpful.

I would also suggest that you update your reporting tool, whatever that may be, to calculate the club taxes for you. I have a spreadsheet that I use that breaks out all the tax information for me, and I just transfer it over to the right lines. It's something I put together on Excel that I've used for the past couple of years, and I tend to improve on it just a little every year when I notice I'm missing something. I'm pretty sure NAIC also has investment club software, but I haven't used it so I don't know much about it.

Generally, as long as you have all the records, the taxes aren't that bad although they can get more complicated as members come and go or take partial distributions. For year end, I generally print out the 12/31 valuation, do the earnings distribution, print out the ledger for the year, and do a printout of all the member accounts. I keep all that plus a copy of the taxes for every year.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
TMFDeej's CAPS Blog

Activist Investors Unlocking Value at LSB Industries?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement